Stock records are maintained in the following different forms:
1. Bin card
2. Stores ledger
3. Stock identification card
4. Materials received note
5. Materials requisition slip
6. Materials returned slip
7. Materials transfer note
8. Damage/shortage/excess report
9. Daily receipt voucher
10. Package slip.
1. Bin card:
A bin card is said to be mirror of the bin which depicts the quantity materials stored therein. It tells the history of the bin. If functions as materials movement record and as a replenishment index. It is a brief version of the stock ledger pertaining to an item and serves the purpose of a ready reckoned for the item binned therein. The bin card serves the following purpose:
(i) It is a check on the stock ledger recording.
(ii) It helps in verifying the stock.
(iii) It is a controller of the movement of the materials.
(iv) It helps in avoiding both over and under-stocking.
(v) It helps in reducing inventory carrying cost if over-stocking is avoided.
(vi) It helps in preparing different daily statements and completing the stock ledger, the purchase requisition slip etc.
2. Stores Ledger:
The principle of ordinary double entry book keeping is used in stores accounting. Store ledger is the main record of stores accounts. If normally contains the following information:
1. A debit side for all receipts.
2. A credit side for all issues.
3. Receipt side containing the following information: Date; from when received; delivery note number quantity or weight; cost per unit; invoice certificate with date of payments and initials; amount.
4. Issue side contains the following information: Date; to whom (or work) issued; requisition number; quantity or weight; unit price; amount.
5. Quantity and value.
In addition, the stores ledger may contain the following information for each item page : i ‘
1. Name of Article
2. Maximum Quantity
3. Minimum Quantity
4. Ordering Quantity
5. Normal Order
6. Code No.
8. Account No.
Minimum quantity indicates the minimum quantity of store item on hand when an order must be placed for further supplies, then takes into account the probable period which is required before the order is executed.
Ordering level or quantity is the batch size to be ordered. Code no. is a numerical reference to the article. Invoice certificate provides a safeguard against duplicate payment or paying for material not actually received.
Direct delivery column gives reference of the expenditure Journal unit indicates the quantity or weight of each unit of issue. A speciman proforma of a stores ledger is shown in Fig. 12.3.
3. Stock Identification Card:
These cards are kept in the stores against each bin or rack where stocks are actually kept in order to identify the materials. They contain the following information:
(a) Respective stores ledger Folio and Bin Card No.
(b) Material Code No. and full description.
A specimen of stock identification card is given below (Fig. 12.3):
4. Materials Received Note:
Some stores departments prefer a loose card known as materials received note. It is serially numbered with date. It replaces the daily receipt voucher. The note avoids the use of materials received book.
The materials received book is an important and basic book and therefore it should be maintained in all stores departments.
The materials received note can also be used as an inspection document if necessary. Columns of the bottom of the note are added to record the Inspection Report.
5. Materials Requisition Slip:
When materials are passed on to the production department after receipt of a document, known as materials requisition slip, the quantity is required to be filled in, always by the document issuing centre. Store department, must take proper care as to the following points:
(a) Quantity issued is then and there entered and this is signed and checked by the materials receiving centre, as no separate issue voucher is raised.
(b) Three copies are prepared — one for issuing authority, another for stores record and the other for stock accounts.
(c) Material requisition slip must be signed by the authorised person.
(d) The material required should be upto the mark with proper code number and/or description of the material.
A specimen of materials requisition slip is shown in Fig. 12.5
6. Materials Returned Note:
When materials are not required by the production deptt they are returned to the stores with an authorisation called materials return note. The stores and stock records are adjusted accordingly. A specimen of materials returned note is shown in Fig. 12.6.
7. Materials Transfer Note:
When materials are transferred from one department to another department or from one job to another, a materials transfer note is prepared and sent to the stores/store accounts department for adequate recording of materials issued to that particular department. A specimen of materials transfer note is given in Fig. 12.7.
8. Damage/Shortage/Excess Report:
This report is prepared by the receipt section of the stores department on opening the packages etc. and comparing the actual materials received and the materials ordered with the help of the purchase order. Payment to the supplier of materials has to be adjusted according to this document.
The number and date of the damage/shortage/excess report is usually mentioned in the daily receipt voucher in order to make the voucher a more compact and fool proof document. The specimen form of damage/shortage/ excess report is shown in Fig. 12.8.
9. Daily Receipt Voucher:
The daily receipt voucher is a document used to record the receipt of the materials in the stores department in detail for verification and inspection of the materials. Entries in the stock ledger are based on the daily receipt voucher. It is considered to be detailed information about the materials received in the store house. It gives all reference at one place. The inspection report is also recorded on this voucher. Classification and proper identification of materials received in the store house become possible. Various documents like stock day sheet Receipt voucher which can be used by any organisation with slight modification here and there is given below (Fig. 12.9).
10. Package Slip:
The priced packages which may be put to effective use in the store house or packages to be charged if not returned within reasonable time have to be recorded properly and scientifically. This helps in preparing the cost sheet and profit and loss statement. A model performa of the package slip.